Houston January Single-Family Home Sales Decline 8% over 2018

It’s been a long time since we’ve had to report a decline in sales and dollar volume sold in any given month in Houston residential real estate sales but this month is the case.  The Greater Houston Partnership announced December 18, 2018 that the Houston Metropolitan Area created 108,300 new jobs in the last 12 months and Houston has the largest employment in its’ history!  Since jobs are the greatest driver of residential real estate sales, why the decline in January?  Part of the answer is that January 2018 was a robust real estate recovery month from Hurricane Harvey.  Thousands displaced from the disaster were able to receive claims and find new homes.  Times are different now and while jobs drive housing, one metric indicates that demand for homes is still strong.  View the pending sales metric below. It rose12% compared to January 2018. Pending sales are homes that went under contract but have not yet closed.  All in all, it appears we have normal demand for homes but not as much as the recovery rebound from last year.  As the months roll by, we’ll be able to see more clearly where the market is trending.  Rest assured, strong employment is the most positive and powerful factor for home sales as we move forward into 2019.

Here’s a glance at the trends for the month and year:
*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Houston Home Sales by Price Cohort for 2019

What price ranges have the largest number of sales in Houston in comparison to last year? The following price cohorts experienced the largest increase compared to 2018:

Based on the entire spectrum of Houston price cohorts in the table above, homes priced $399,999 and below are in a sellers’ market.  Homes priced $400,000 and above are in a buyers’ market. You can see the difference in time on the market under “Months’ of Inventory”.  Months’ of Inventory is a figure indicating [at the current rate of sale and with no new homes coming on the market] – how long it would take a home to sell in a specific price range.  Generally, 6 months is a balanced market [neither buyer nor seller has the market advantage], a sellers’ market is below 6 months and a buyers’ market is above 6 months.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

 

 

Houston Single-Family Home Sales Up 6% for the year.

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Single-family home sales in September experienced a 6% decline over last September however, paradoxically September YTD home sales are up 6%.  The  YTD increase is more indicative of how the market is trending.   Even though the single-family market sounds a little flat, one metric indicates there is still a little wind left in the sails for 2018. Pending sales in September experienced a 9% increase and indicates that October may show an uptick in closed sales activity.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed.  Pending sales indicate the future sales trend.

Houston Home Sales by Price Class for 2018

What price ranges have experienced the largest unit increase in sales in Houston  during 2018? The table below reveals the answer.

All home price ranges in the table above are in a strong sellers’ market except $300,000-$399,999 which is still a sellers’ market but trending toward a normal market whether neither buyer or seller has an advantage.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area, CLICK HERE.

 

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

 

To search for homes by price range and map, go to www.GaryGreene.com.

The Greater Houston Partnership reports that Metropolitan Houston created 101,800 jobs – a 3.4% increase in 12 months ending July 2018.

It’s the strongest 12 month growth pace since February 2015!  Jobs are the #1 driver of real estate sales.

This spells opportunity for anyone wishing to sell their home!  It means higher demand and depending upon price range, less competition in the market to sell.  If you’re in the market to sell your home – contact a BHGRE Gary Greene agent today for a free market analysis

 

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

May experiences a 1% increase in home sales

May sales hovered only 1% above 2017 – yet a more stellar metric is contracts written. 12% more contracts written [a.k.a. pending sales*]  were reported in May than occurred last May.  This indicates that sales will continue to be healthy at least through June.

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

As the table above depicts, listings are up 2% for May in comparison to last May, however, listings are down 2% YTD.  The average sales price and median sales price are slowly increasing and may continue to increase if the number of active listings continues to decline in high demand price ranges  The highest demand prices ranges can be viewed below.

Top Selling Home Sales by Price Class for 2018 YTD

  1. $150,000-$199,999 – 6,799 sales YTD – 1.7 Months of Inventory
  2. $200,000-$249,999  – 5,784 sales YTD –  3
  3. $300,000-$399,999  – 5,004 sales YTD –  5.7
  4. $250,000 – $299,999 – 4,154 sales YTD – 4.5
  5. $100,000 – $149,999 – 3,217 sales YTD –1.4

All of the above price classes, except $300,00-$399,999, are in a strong sellers’ market [they’re hot] having  4.5 months or less inventory.  The $300,000-$399,999 price range is still in a sellers’ market with 5.7 months of inventory. As you can see, the highest demand price classes above are in very short supply – and further pressure [higher demand and fewer listings] can cause serious home price appreciation in the affected categories.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding

Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

2017 Mid-Year Single-Family Home Sales UP 7%

Houston single-family home sales closed ahead of June 2016 by 8% and the increase in sales brought year-to-date sales up 7%. One might expect a cool-down after a hot first half of the year, however  the Houston Multiple Listing Service recorded a 19% increase in pending sales.  That large of an increase indicates the market won’t slow down in the near future.  As we have seen in previous years – the hotness of the market is contingent upon price ranges.  Some home price ranges are hot while others are lukewarm.  In reviewing the graph below, it’s very safe to say that homeowners in Houston are enjoying a healthy appreciation on their investment.   Stay tuned and we’ll keep you posted!

Here’s a glance at the trends for the month and year:

 

 

 

 

 

 

 

 

 

 

 

 

 

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Houston Home Sales by Price Class for 2017

What price ranges have the largest increase in sales in Houston in June? The following price classes experienced the largest increase compared to 2016:

 

 

 

 

 

 

Generally speaking, the first half of 2017 has experienced a really hot market in homes priced below $299,999.  Homes priced $300,000-$399,999 are in a balanced market and homes priced $400,000 and above are in a buyers’ market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene